Goke(SZ:300672) Zheng Quan Shi Bao Wang·2025-08-28 15:20Core Viewpoint - Guokewi (300672) is actively expanding into new business areas while maintaining its core operations, demonstrating a steady development trend with a focus on emerging sectors [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 741 million yuan and a net profit attributable to shareholders of 20.12 million yuan, with a non-recurring net profit of 8.65 million yuan, reflecting a year-on-year growth of 9.42% [1] - The company increased its R&D investment to 323 million yuan in the first half of the year, with an R&D expense ratio of 43.60% [1] - The overall gross margin improved to 28.72%, an increase of 11.08 percentage points compared to the same period last year [1] IoT Chip Business - The sales revenue from the IoT chip series reached 128 million yuan, a significant year-on-year increase of 251.37%, accounting for 17.28% of total revenue, with a gross margin of 41.07%, up 26.93 percentage points year-on-year [2] - The company has focused on several wireless LAN chip models, including Wi-Fi4 1T1R and Wi-Fi6 variants, which are characterized by high integration, performance, and low power consumption [2] - The Wi-Fi6 2T2R chip is gaining traction in various applications, with some customers already in small-scale trial production, laying the groundwork for expanding its market share [2] Video Product Matrix - In the smart vision product segment, the company generated sales revenue of 342 million yuan, representing 46.06% of total revenue [3] - The company has established a complete product matrix covering high, medium, and low-end products, including the high-end 4K AI ISP chip series, which has already entered mass production [3] Ultra HD Smart Display Chips - The ultra HD smart display chip series achieved sales revenue of 247 million yuan, accounting for 33.38% of total revenue [4] - The GK63 series targeted at broadcasting and IPTV operators has entered large-scale production, covering over 90% of cable network provincial companies [4] - The company is one of the few suppliers with a full range of products supporting HarmonyOS, actively engaging with operators and the education sector for AI-driven industry upgrades [4] AI Strategy - The company is advancing its "ALL IN AI" strategy, focusing on AI edge computing SoC development based on its proprietary MLPU technology [5] - The company is building an AI ecosystem with partnerships covering major domestic edge model companies, preparing for the launch of AI SoC products [5] - Recent government policies supporting AI initiatives provide a favorable environment for the company's AI strategy implementation [5][6]